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Earnings Release • Apr 20, 2010

News Details

Corporate | 20 April 2010 15:53

CFC Industriebeteiligungen AG achieves positive result in the first quarter 2010

CFC Industriebeteiligungen AG / Quarter Results

20.04.2010 15:53

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++Group generates positive net income and positive cash flow

Dortmund, April 20th 2010

In the first quarter of 2010, CFC Industriebeteiligungen AG (ISIN:
DE000A0LBKW6), Dortmund, has achieved the operative turnaround. After
three quarters of significant losses within the group, the company has
generated an EBITDA of EUR 0.7 million in the first quarter of 2010. By
comparison: In fiscal year 2009, the group generated a negative EBITDA of
EUR 23.6 million (first quarter 2009: EUR 0.3 million). The group's net
income in the first quarter of 2010 was with EUR 48 thousand also positive.
In the previous year a loss of EUR 2.5 million had been recorded in the
first quarter, respectively, a loss of roughly EUR 33.3 million in fiscal
year 2009.

The cash flow from operating activities was with EUR 2.8 million
significantly positive in the first quarter of 2010, compared to EUR -10.4
million in the same period of the previous year and roughly EUR -19.2
million in fiscal year 2009.

The positive earnings and cash flow figures validate the effectiveness of
the measures of CFC Industriebeteiligungen AG that have been implemented in
2009. The company has completed its efforts to focus on its core segments
Electronics and Home & Living, made the necessary adjustments in its
portfolio and has focused on development and investment in existing
portfolio companies. As a result of the adjustments in the portfolio in
2009, group sales decreased to EUR 18.7 million in the first quarter of
2010. With reference to the remaining portfolio companies, sales increased
by roughly 12.7 percent compared to the same period of the previous year.
Cash and cash equivalents for the group increased significantly from EUR
3.6 million (as per December 31st 2009) to EUR 6.0 million (as per March
31st 2010). The equity ratio of the group continued to equal roughly 25
percent.

With first quarter sales of EUR 8.8 million and an EBITDA of EUR 1.9
million, Elcon has generated the best quarter since its acquisition in
2007. An improvement over to the already good results of 2009 is expected
also for full fiscal year 2010. In the first quarter of 2010, Letron
generated sales of EUR 2.2 million and the EBITDA has been negative so far
in the amount of EUR 0.4 million. For fiscal year 2010, a positive
operative result and a positive cash flow from operating activities are
expected, especially as a result of the already visible progress in the
intensification of sales and the acquisition of new customers. In the first
three months of fiscal year 2010, Berndes generated sales of EUR 8.5
million and a negative EBITDA of EUR 0.6 million. Even though Berndes'
results are lower than expected, substantial improvements are planned in
the next quarters. In order to realize essential potentials on short
notice, CFC will allocate a substantial share of its human resources to
this portfolio company.

The development of the group in the first quarter of 2010 is an essential
step in order to achieve the group's target of a positive operating result
for fiscal year 2010.

The accounts for the first quarter are available for download at
the company website (http://www.cfc.eu.com) under Investor
Relations/Financial Reports.

Contact:
CFC Industriebeteiligungen AG
Ingo Wurzer
Phone: +49 231 222 40 500
Fax: +49 231 222 40 501
eMail: info@cfc.eu.com

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